How do appraisers determine home value?
Hello everyone! I need help on how an appraiser adjusts home value. Is there a rule of thumb that they use to add or subtract value based on number of rooms? How many bathrooms? Do you have a fireplace? How large is your living space? Etc…If a house is in the same location and was sold at $500k but has 2 bedrooms less than my home how much more should I value my home? by cliffordj986 from Lancaster, Kansas. Jan 3rd 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Your presumptions regarding making adjustments is correct. Appraisers work to equalize values between the subject and homes that are comparable, but not identical. Calculations they use for more or less Bedrooms, Bathrooms, square footage, lot size, etc. vary from Market to market, so it is not something that is easily provided unless you know an appraiser that works in your area. Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300
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